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Houston-based real estate investment trust $WRI reported a jump in 1Q16 earnings driven by gain on sale and acquisition of real estate joint venture and partnership interests. Net income rose to $107.57MM or $0.85 per share from $45.42MM or $0.36 per share last year. Revenues grew to $132.42MM from $125.6MM.
$CDR's BoD has approved cash dividends of $0.453125 per share on its 7 ¼% Series B Cumulative Redeemable Preferred Stock and $0.40625 per share on its 6 ½% Series C Preferred Stock. Both are payable on February 20, 2018 to shareholders of record as of February 12, 2018.
$VNO announced inclusion of certain items to its 4Q17 financial results. These inclusion will result in a reduction in EPS of $0.20, after noncontrolling interests. On an FFO basis, these aggregate to a reduction of $0.18 per share, after noncontrolling interests, which will be included in total FFO.
$VNO announced inclusion of certain items in its 4Q17 financial results. Those include tax expense related to reduction of REIT subsidiaries deferred tax assets resulting from Tax Cuts and Jobs Act, expense from prepayment of 2.50% senior unsecured notes due 2019, and loss from other items, including real estate fund.
$UDR announced that Thomas W. Toomey, CEO and President, has been appointed Chairman of the BoD, effective January 1, 2018. Mr. Toomey succeeds James D. Klingbeil. The BoD also established a Lead Independent Director position and appointed Mr. Klingbeil as Lead Independent Director.
$WRI declared a special cash dividend of $0.75 per common share payable on Dec 29, 2017 to shareholders as on Dec 26, 2017. The special dividend will consist primarily of gains on dispositions of properties. The company did not make any change in its policy with respect to regular quarterly dividends.
$VNO called for redemption all of its $200MM outstanding 6.625% Series G Cumulative Redeemable Preferred Shares and $150MM of its $270MM outstanding 6.625% Series I Cumulative Redeemable Preferred Shares on Jan. 4, 2018. The company will incur a charge of $11.1MM in 1Q18 from the write-off of issuance costs relating to the shares being redeemed.
$IRT entered into a seven-year, $100MM unsecured term loan agreement that will reach maturity in November 2024. The proceeds will reduce borrowings currently outstanding under the revolving portion of $IRT’s $300MM unsecured credit facility. The term loan bears interest at a spread over LIBOR, based on $IRT’s overall leverage.